Tahari Buys Contentious 88 University Pl for $70M
Elie Tahari has purchased 88 University Place, the Himmel + Meringoff Properties building at the heart of a dispute between Tahari, developer Gerald Rosengarten, and Normandy Real Estate Partners. He closed on the $70M purchase July 30. Normandy claims it had an agreement with Rosengarten to acquire both the ground lease and $70M purchase option. The firm also claims that one day after it signed an LOI on the deal and posted a $500k escrow deposit, Rosengarten sold the lease and purchase option to Tahari. Normandy seeks $10M in damages for allegedly being used as "a stalking horse to get Tahari to sign a contract." Rosengarten and Tahari argue that Tahari was exempt from the exclusivity provision that barred Rosengarten from taking rival offers. They also claim Normandy's escrow deposit "did not satisfy" requirements. Tahari has filed a suit against Normandy alleging it interfered with the deal and is seeking $25M. [TRD]
